| Schedule of Debt |
| | | | | | | | | | | | | | | | | | | | | | | | | | | August 31, | | November 30, | | (in millions) | Maturity | | Rate (a) | | 2025 | | 2024 | | Secured Subsidiary Guaranteed | | | | | | | | | Notes | | | | | | | | | Notes | Jun 2027 | | 7.88% | | $ | 192 | | | $ | 192 | | | Notes | Aug 2028 | | 4.00% | | 2,406 | | | 2,406 | | | Notes | Aug 2029 | | 7.00% | | 500 | | | 500 | | | Loans | | | | | | | | | Floating rate (b) | Aug 2027 - Oct 2028 | | SOFR + 2.00% (c) | | — | | | 2,449 | | | Total Secured Subsidiary Guaranteed | | | | 3,098 | | | 5,547 | | | Senior Priority Subsidiary Guaranteed | | | | | | | | | Notes (b) | May 2028 | | 10.38% | | — | | | 2,030 | | | Unsecured Subsidiary Guaranteed | | | | | | | | | | | | | | | | | | | | | | | | | Notes | | | | | | | | | Notes (b) | Mar 2026 | | 7.63% | | — | | | 1,351 | | | Notes (b) | Mar 2027 | | 5.75% | | — | | | 2,722 | | | Convertible Notes | Dec 2027 | | 5.75% | | 1,131 | | | 1,131 | | | Notes | May 2029 | | 6.00% | | 2,000 | | | 2,000 | | | EUR Notes | Jan 2030 | | 5.75% | | 584 | | | 528 | | | Notes | Mar 2030 | | 5.75% | | 1,000 | | | — | | | Notes (b) | Jun 2030 | | 10.50% | | — | | | 1,000 | | | Notes | Jun 2031 | | 5.88% | | 1,000 | | | — | | | EUR Notes | Jul 2031 | | 4.13% | | 1,168 | | | — | | | Notes | Aug 2032 | | 5.75% | | 3,000 | | | — | | | Notes | Feb 2033 | | 6.13% | | 2,000 | | | — | | | Loans | | | | | | | | | EUR floating rate (d) | Apr 2025 | | EURIBOR + 3.25% | | — | | | 211 | | | Floating rate | Aug 2027 | | SOFR + 1.13% | | 400 | | | — | | | Export Credit Facilities | | | | | | | | | Floating rate | Dec 2031 | | SOFR + 1.20% (e) | | 446 | | | 514 | | | Fixed rate | Aug 2027 - Dec 2032 | | 2.42 - 3.38% | | 2,097 | | | 2,370 | | | EUR floating rate | Oct 2026 - Nov 2034 | | EURIBOR + 0.55 - 0.80% | | 2,574 | | | 2,590 | | | EUR fixed rate | Feb 2031 - Sep 2037 | | 1.05 - 4.00% | | 5,439 | | | 5,386 | | | Total Unsecured Subsidiary Guaranteed | | | | 22,839 | | | 19,803 | | | Unsecured (No Subsidiary Guarantee) | | | | | | | | | Notes | | | | | | | | | Notes | Jan 2028 | | 6.65% | | 200 | | | 200 | | | EUR Notes | Oct 2029 | | 1.00% | | 701 | | | 633 | | | Loans | | | | | | | | | EUR floating rate (d) | Apr 2029 | | EURIBOR + 1.95% | | 351 | | | — | | | Total Unsecured (No Subsidiary Guarantee) | | | | 1,252 | | | 833 | | | Total Debt | | | | | 27,188 | | | 28,213 | | | Less: unamortized debt issuance costs and discounts | | | | | (707) | | | (738) | | | Total Debt, net of unamortized debt issuance costs and discounts | | | | | 26,481 | | | 27,475 | | | | | | | | | | | Less: current portion of long-term debt | | | | | (1,417) | | | (1,538) | | | Long-Term Debt | | | | | $ | 25,064 | | | $ | 25,936 | |
(a)The reference rates, together with any applicable credit adjustment spread, for all of our floating rate debt have a 0.00% floor. (b)See “Debt Prepayments” below. (c)As part of the repricing of our senior secured term loans, we amended the loans’ margin from 2.75% to 2.00%. See “Repricing of Senior Secured Term Loans” below. (d)In April 2025, the euro floating rate loan agreement was amended to increase the principal amount by $112 million, extend its maturity from April 2025 to April 2029, amend the loan’s margin from 3.25% to 1.95% and remove the subsidiary guarantee. (e)Includes applicable credit adjustment spread.
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| Schedule of Annual Maturities of Debt |
As of August 31, 2025, the scheduled maturities of our debt are as follows: | | | | | | | | | | (in millions) | | | | Year | | Principal Payments | Remainder of 2025 | | $ | 261 | | 2026 | | 1,426 | | 2027 | | 1,959 | | 2028 | | 5,034 | | 2029 | | 4,832 | | | Thereafter | | 13,675 | | | Total | | $ | 27,188 | |
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